According to Bloomberg, a class-action lawsuit filed on behalf of investors accuses venture capital and private equity firms including Sequoia Capital, Thoma Bravo, and Paradigm of participating in a 2021 promotional marketing campaign to promote their own hundreds of millions of dollars in investments in FTX entities.
The investors claim this lent an air of "legitimacy" to FTX, which ultimately collapsed in November. The investors allege that the venture capital firms violated state and federal laws, including acts of misrepresentation, false advertising, and civil conspiracy.Original link
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